Trump Slams ExxonMobil and Chevron Over 'Excessive' Profits

US President Donald Trump has criticized ExxonMobil and Chevron for making what he considers excessive profits, calling on them to lower petrol prices for consumers. Speaking to reporters, Trump said 'I don't like it' that both companies have benefited from higher fuel prices following strong second-quarter earnings driven by elevated oil prices during the Iran war.

Trump specifically targeted Chevron Chief Executive Mike Wirth, who he felt had failed to acknowledge his administration's support for the oil industry in a recent appearance on Fox News. Trump wrote on Truth Social that without his administration's 'genius, foresight, strength, and stability', the Oil Industry would be dead.

A spokesperson for the American Petroleum Institute countered that higher prices are driven by global supply, demand, and uncertainty around critical shipping lanes, not by any one company. The API added that oil prices will drop when the conflict with Iran ends.